Shares of Biocon settled lower on Friday but in-line with benchmarks on a day the board approved the exit of Chief Executive Officer and Managing Director Siddharth Mittal and named Shreehas Pradeep Tambe as his successor, effective April 1. Biocon shares dropped 3% intraday on the NSE but recovered to close at Rs 370.10, down 2.5%. The benchmark Nifty 50 settled 2.1% lower and the Nifty Bank closed 2.7% in the red.
The company also approved a change in its finance leadership with Interim Chief Financial Officer Mukesh Kamath stepping down and Kedar Narayan Upadhye set to take over from April 1, according to a statement to the exchanges. The leadership changes come as the pharmaceutical company moves ahead with the integration of Biocon Biologics Ltd. and aligns key roles across the group.
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Mittal joined Biocon in May 2013 and served as President & Chief Financial Officer until November 2019.
"This is to inform that I hereby step down from my role as the Managing Director and Chief Executive Officer of Biocon Limited, effective from the close of business hours on March 31, 2026, to transition into another leadership role within the Biocon Group," Mittal said in his resignation letter.
Speaking on Siddharth Mittal's contributions, Biocon founder Kiran Mazumdar-Shaw said, “I would like to thank Siddharth for his tremendous contributions to Biocon. Since joining in 2013, he has served with distinction as Chief Financial Officer and later as CEO & Managing Director, playing a pivotal role in shaping the company's growth trajectory. He will now transition to another leadership role within the Biocon Group.”
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